12 States That Would Suffer The Most In A Retail Apocalypse

According to Center on Budget and Policy Priorities figures reported by CNBC, states are projected to have a $105 billion budget shortfall for fiscal year 2020 and a record deficit of $290 billion for fiscal year 2021. Additionally, according to a recent Bank of America Global Research report, states and local governments will need $150 billion to $300 billion in federal assistance and have requested $750 billion. To see which states could be most devastated by a decline in retail sales and consumer demand amid the coronavirus, Business Insider looked at which states have the highest share of sales taxes as part of their total tax revenues. We used fourth quarter 2019 figures from the US Census Bureau’s Quarterly Summary of State and Local Government Tax Revenue. Washington had the highest share at 66%. Tennessee followed closely behind Washington at 63%, and the state has already reopened its retail sector in many counties. Read more at Business Insider.